Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW
- SECT 719
Lodging supplementary or replacement document
Need for a supplementary or replacement document
- (1)
- If the person making the
offer becomes aware of:
- (a)
- a
misleading or deceptive statement in the disclosure document;
or
- (b)
- an omission from the
disclosure document of information required by section 710, 711, 712, 713, 714
or 715; or
- (c)
- a new circumstance that:
- (i)
- has arisen
since the disclosure document was lodged;
and
- (ii)
- would have been required
by section 710, 711, 712, 713, 714 or 715 to be included in the disclosure
document if it had arisen before the disclosure document was lodged;
that is materially adverse from the point of view of an investor, the person
may lodge a supplementary or replacement document with ASIC.
Note 1: Section 728 makes it
an offence to continue making offers after the person has become aware of a
misleading or deceptive statement, omission or new circumstance that is
materially adverse from the point of view of an investor unless the deficiency
is corrected.
Note 2: Because of section 712, a prospectus may be taken to include
information in another document. This should be taken into account when
considering whether the prospectus is
deficient.
Note 3: The power to issue a supplementary or replacement document is not
limited to the situations dealt with in this
section.
Note 4: This section applies to a document that has already been previously
supplemented or replaced.
Note 5: See section 720 for the consents that need to be obtained before
lodgment.
Form of supplementary document
- (2)
- At the beginning of a
supplementary document, there must be:
- (a)
- a statement
that it is a supplementary document;
and
- (b)
- an identification of the
disclosure document it supplements;
and
- (c)
- an identification of any
previous supplementary documents lodged with ASIC in relation to the offer;
and
- (d)
- a statement that it is to
be read together with the disclosure document it supplements and any previous
supplementary documents.
The supplementary document must be dated. The date is the date on which it is
lodged with ASIC.
Form of replacement document
- (3)
- At the beginning of a
replacement document, there must be:
- (a)
- a statement
that it is a replacement document;
and
- (b)
- an identification of the
disclosure document it replaces.
The replacement document must be dated. The date is the date on which it is
lodged with ASIC.
Consequences of lodging a supplementary document
- (4)
- If a supplementary
document is lodged with ASIC, the disclosure document is taken to be the
disclosure document together with the supplementary document for the purposes
of the application of this Chapter to events that occur after the lodgment.
Note: This
subsection means, for example, that offers made after lodgment of the
supplementary document must be accompanied by copies of both the original
disclosure document and the supplementary document.
Consequences of lodging a replacement document
- (5)
- If a replacement document
is lodged with ASIC, the disclosure document is taken to be the replacement
document for the purposes of the application of this Chapter to events that
occur after the lodgment.
Note: This
subsection means, for example, that offers made after lodgment of the
replacement document must be accompanied by copies of the replacement document
and not the original disclosure document.
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